Frontiers of Commercial Real Estate Portfolio Performance: Are Sector-Region Efficient Diversification Strategies a myth or reality?

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dc.cclicenceCC-BY-NCen
dc.contributor.authorLeone, Vitoren
dc.contributor.authorRavishankar, G.en
dc.date.acceptance2017-11-09en
dc.date.accessioned2018-03-14T12:56:00Z
dc.date.available2018-03-14T12:56:00Z
dc.date.issued2017-12-08
dc.descriptionThe file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI linken
dc.description.abstractThis paper departs from the traditional optimisation methods used to evaluate portfolio performance. Rather, the Stochastic Frontier Analysis approach is used to econometrically determine the benchmark real estate portfolio frontier and subsequently assess the gains from diversifying real estate portfolios along regional and sectoral dimensions in the UK. Portfolio specific inefficiency measures are obtained which indicate whether a portfolio is efficiently diversified and therefore places on the benchmark frontier and if not, the degree to which performance can be improved is quantified. Portfolio-specific efficiencies average at 85–91%, indicating scope to further improve performance. Further, diversification be it on a sectoral or regional dimension, contributes to significantly lower variability in portfolio efficiencies.en
dc.fundern/aen
dc.identifier.citationLeone, V. and Ravishankar, G. (2017) Frontiers of commercial real estate portfolio performance: Are sector-region-efficient diversification strategies a myth or reality?. Journal of Property Research, 35 (2), pp. 95-116en
dc.identifier.doihttps://doi.org/10.1080/09599916.2017.1410851
dc.identifier.issn0959-9916
dc.identifier.urihttp://hdl.handle.net/2086/15471
dc.language.isoenen
dc.peerreviewedYesen
dc.projectidn/aen
dc.publisherTaylor and Francisen
dc.researchgroupFiBReen
dc.researchinstituteFinance and Banking Research Group (FiBRe)en
dc.subjectdiversificationen
dc.subjectportfoliosen
dc.subjectperformanceen
dc.subjectreal estateen
dc.subjectsector and regional effectsen
dc.titleFrontiers of Commercial Real Estate Portfolio Performance: Are Sector-Region Efficient Diversification Strategies a myth or reality?en
dc.typeArticleen

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